Pismo Beach, CA (PRWEB) April 29, 2010
The International Factoring Association announced the close of its successful 2010 Factoring Conference, held on April 14-17, 2010 in Scottsdale, Arizona. This year's conference drew over 550 attendees and 40 exhibitors.
The annual conference continues to be the world's largest conference dedicated to banks and independent finance companies which offer factoring and receivables financing. Highlights from the conference and its speakers included:
- Working capital is scarce for many small and middle market businesses in the United States and Canada. Many banks have retracted from lending in many geographic areas and industry segments leaving customers without a source of stable working capital. Factoring companies and receivable finance lenders are filling that void by providing a cost effective financing solution to small and middle market businesses.
- There are numerous new entrants to the factoring industry in the United States and Canada thereby increasing the pool of capital available to businesses. The ability of businesses to secure capital to support and grow their businesses will contribute to the resurgence of the economies of both countries.
- As the facility size of factoring transactions is increasing, it is common for several factors to participate in a transaction. There are benefits to both the clients and factors. Factors benefit from being able to quickly deploy capital, generating earning assets and having the ability to retain clients as their financing needs grow. Clients benefit from having access to higher credit limits and financing arrangements which grow with their businesses.
Keynote speakers included Dr. Barry Asmus of Ideas Spoken, Inc., who addressed economic projections affecting the factoring industry. Additionally, representatives from the American Factoring Association (“AFA”) and Jones Walker’s Government Relations Practice Group discussed the potential impact of financial reform legislation in the United States. The AFA was founded in 2009 with the sole purpose of educating the public and policymakers on the availability of working capital for financing America's small businesses and to conduct efforts in support of increasing working capital financing.
About the International Factoring Association
Headquartered in Pismo Beach, California and with over 350 corporate members, the International Factoring Association is the largest association of commercial finance companies in the world. Members include factoring companies, asset based lenders and other receivables finance companies. Since 1999, the International Factoring Association has provided a forum for member organizations to meet and discuss issues and concerns, share best practices, disseminate information and promote a single voice to the marketplace. The principal spokesperson for the factoring and receivables finance industry is the International Factoring Association’s Bert Goldberg. For more information visit w http://www.factoring.org.